WHAT TO DO WITH EXTRA BALANCE IN BANK?

[Bob78900]

I Have some extra money which i don't need for sometime. I was thinking to move some amount in fd my account is in icici bank one of the executive said transfer some of the amount in linked fd. Can anyone tell me is this good option to do? Can i withdraw before mature time.? Please tell only about icici bank.

 

[007]

Best opinion is linked FD
You can use the money anytime

My whole balance in ICICI is in linked FD
It's like bank balance in FD, exactly this. Savings interest of 5.45%. I can't stress enough about how good us this.

I'll probably write a thread about linked FD soon given so many people are enquiring about this.

Can you tell the process to enable linked FD for ICICI and HDFC?

 

[Bob78900]

Best opinion is linked FD
You can use the money anytime

My whole balance in ICICI is in linked FD
It's like bank balance in FD, exactly this. Savings interest of 5.45%. I can't stress enough about how good us this.

I'll probably write a thread about linked FD soon given so many people are enquiring about this.

I can withdraw the money anytime? Like what i only have 20k in my account other than fd and 10k is in fd. And i have to make a 30 k payment. Will be able to do that? Or first I have to withdraw from fd then transfer it to main balance and then do the payment?
And is there any charges if i withdraw it before mature date

 

[TheTrickySid]

But there are charges in case of premature withdrawal of fd
Atleast for HDFC no idea about icici

 

[AllSeeker]

But there are charges in case of premature withdrawal of fd
Atleast for HDFC no idea about icici

I think link FD operates slightly differently. I'm also interested, will look forward to his thread.

Sadly I recently closed my ICICI account, so if its not available in other banks it might become a problem for me 🤣

 

[pratikjain4]

If you are talking of Auto-Sweep FD, i think there are many videos on YT explaining this.

 

[vaibhav111vaibhav111 is verified member.]

Best opinion is linked FD
You can use the money anytime

My whole balance in ICICI is in linked FD
It's like bank balance in FD, exactly this. Savings interest of 5.45%. I can't stress enough about how good us this.

I'll probably write a thread about linked FD soon given so many people are enquiring about this.

do make a thread. would like to know the experience and if hdfc provide such facility or auto sweep is the same thing then would like to understand everything in detail

 

[sahilag]

Can you tell the process to enable linked FD for ICICI and HDFC?

SB Max acc has sweep-in feature which will auto-debit from FD while bank balance is zero.
Sweep-in can be activated after making FD.
All balance above 1 Lakh also goes into FD automatically

 

[AllSeeker]

SB Max acc has sweep-in feature which will auto-debit from FD while bank balance is zero.
Sweep-in can be activated after making FD.
All balance above 1 Lakh also goes into FD automatically

Yes, I looked it up, seems to be overall better than ICICI, but MAB is 25k or FD relationship of 1.5 lacs for metro.

Savings Max Account - Open Savings Max Account for Max Savings with HDFC Bank

HDFC Bank Offers Savings Max Account with Max Savings and high interest rate that helps you save more money. Apply Online to open your savings max account at HDFC Bank.

www.hdfcbank.com

This is a good product. I'll go for this, I don't like ICICI personally speaking <.<

 

[akshayhs]

Liquid mutual funds or arbitrage funds with the least expense ratio and exit load

 

[007]

Liquid mutual funds or arbitrage funds with the least expense ratio and exit load

I looked into Liquid funds but couldn't find anything decent. Can you recommend some good funds?

 

[akshayhs]

I looked into Liquid funds but couldn't find anything decent. Can you recommend some good funds?

Parag Parikh direct growth MF is good and so is LIC. I personally use it. It's only for parking your funds as you have specified. Not good for anything else

 

[aarunn]

I did make a thread yesterday.

Can you provide the link to your thread? Thanks